DocumentCode
2095969
Title
Notice of Retraction
The Cash-Cash Flow Sensitivity of Chinese Firms - Findings Associated with Uncertainty and Financial Constraints
Author
Boyan Liu ; Liyan Han
Author_Institution
Sch. of Econ. & Manage., Beihang Univ., Beijing, China
fYear
2009
fDate
20-22 Sept. 2009
Firstpage
1
Lastpage
4
Abstract
Notice of Retraction
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
Nowadays financial risk is observably increasing in international finance market, and real economy is also involved. Uncertainty facing a firm increases the risk of operating, which raises the probability of liquidity shortage, and firms´ financing ability is restrained by financial constraints. This paper argues that uncertainty plays an important role in cash policy; investigates the effect of financial constraints on cash-cash flow sensitivity under uncertainty; finds that the cash-cash flow sensitivity of financially constrained firms is significantly positive. However, the cash-cash flow sensitivity of financially unconstrained firms is not significant at all.
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
Nowadays financial risk is observably increasing in international finance market, and real economy is also involved. Uncertainty facing a firm increases the risk of operating, which raises the probability of liquidity shortage, and firms´ financing ability is restrained by financial constraints. This paper argues that uncertainty plays an important role in cash policy; investigates the effect of financial constraints on cash-cash flow sensitivity under uncertainty; finds that the cash-cash flow sensitivity of financially constrained firms is significantly positive. However, the cash-cash flow sensitivity of financially unconstrained firms is not significant at all.
Keywords
financial management; risk management; Chinese firms; cash-cash flow sensitivity; financial constraints; financial risk; international finance market; liquidity shortage; Cost function; Finance; Financial management; Forward contracts; Friction; Investments; Macroeconomics; Risk management; Robustness; Uncertainty;
fLanguage
English
Publisher
ieee
Conference_Titel
Management and Service Science, 2009. MASS '09. International Conference on
Conference_Location
Wuhan
Print_ISBN
978-1-4244-4638-4
Type
conf
DOI
10.1109/ICMSS.2009.5301891
Filename
5301891
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